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Stock market: New York and Toronto down at the opening

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MARKET REVIEW. Wall Street started the session slightly lower on Monday, at the start of a week which will be marked by the start of the quarterly corporate earnings season.

The Toronto Stock Exchange retreated Monday at the start of the session, dragged down by its materials sector.

The clues

In Toronto, the index S&P/TSX fell 25 points, or 0.13%, to 19,202 points.

In New York, the S&P 500 was down 9 points, or 0.24%, to 4,118 points.

The Dow Jones dropped 94 points, or 0.28%, to 33,705 points.

The Nasdaq yielded 86 points, or 0.62%, to 13,813 points.

The context

The New York Stock Exchange finished on Friday with records for the Dow Jones and the S&P 500, concluding a week of increases for the main indices.

“If last week you felt like you were looking at your screen and then looking at it again an hour later to find that nothing had changed, it was a fairly static market. with low trading volumes, ”says JJ Kinahan of TD Ameritrade.

“Things could change radically in the coming days with the start of the results season,” continues the expert. “Wall Street could come out of its spring depression.”

The big American banks will kick off this period particularly awaited by the market players: JPMorgan Chase, Goldman Sachs and Wells Fargo will share their quarterly balance sheets on Wednesday, Bank of America and Citigroup will comply with this exercise on Thursday.

PepsiCo and Delta are among the other big names on Wall Street who will unveil their results this week.

Investors will be particularly attentive to any financial outlook for the rest of the year issued by these companies, on the lookout for any signs suggesting a restart of their activity.

Wall Street will also take notice of the inflation figures in the United States with the publication on Tuesday of the Consumer Price Index (CPI) for March.

Among the values ​​of the day, Nuance jumped 16.77%. This specialist in artificial intelligence and telemedicine was acquired by Microsoft (-0.45%) for an amount of 19.7 billion dollars, debt included.

United Airlines fell 3.82%. The American company warned Monday that its turnover for the first quarter should be down 66% compared to the same period of 2019, before the pandemic hits air traffic hard.

Alibaba climbed 8.35% on the New York Stock Exchange. The Chinese e-commerce giant on Monday put into perspective the consequences of the $ 2.8 billion fine imposed on it by Chinese regulators for abuse of a dominant position.

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